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Why the Market Dipped But Canoo Inc. (GOEV) Gained Today
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In the latest market close, Canoo Inc. (GOEV - Free Report) reached $1.68, with a +0.6% movement compared to the previous day. The stock's change was more than the S&P 500's daily loss of 0.77%. On the other hand, the Dow registered a loss of 0.6%, and the technology-centric Nasdaq decreased by 1.05%.
The company's stock has dropped by 31.56% in the past month, falling short of the Auto-Tires-Trucks sector's loss of 16.52% and the S&P 500's loss of 5.85%.
The upcoming earnings release of Canoo Inc. will be of great interest to investors. The company's earnings report is expected on August 14, 2024. The company is forecasted to report an EPS of -$0.77, showcasing a 76.09% upward movement from the corresponding quarter of the prior year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of -$4.10 per share and a revenue of $68.65 million, signifying shifts of +57.86% and +7648.73%, respectively, from the last year.
Investors should also take note of any recent adjustments to analyst estimates for Canoo Inc. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Canoo Inc. currently has a Zacks Rank of #3 (Hold).
The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. With its current Zacks Industry Rank of 210, this industry ranks in the bottom 17% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Why the Market Dipped But Canoo Inc. (GOEV) Gained Today
In the latest market close, Canoo Inc. (GOEV - Free Report) reached $1.68, with a +0.6% movement compared to the previous day. The stock's change was more than the S&P 500's daily loss of 0.77%. On the other hand, the Dow registered a loss of 0.6%, and the technology-centric Nasdaq decreased by 1.05%.
The company's stock has dropped by 31.56% in the past month, falling short of the Auto-Tires-Trucks sector's loss of 16.52% and the S&P 500's loss of 5.85%.
The upcoming earnings release of Canoo Inc. will be of great interest to investors. The company's earnings report is expected on August 14, 2024. The company is forecasted to report an EPS of -$0.77, showcasing a 76.09% upward movement from the corresponding quarter of the prior year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of -$4.10 per share and a revenue of $68.65 million, signifying shifts of +57.86% and +7648.73%, respectively, from the last year.
Investors should also take note of any recent adjustments to analyst estimates for Canoo Inc. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Canoo Inc. currently has a Zacks Rank of #3 (Hold).
The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. With its current Zacks Industry Rank of 210, this industry ranks in the bottom 17% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.